He did not pull us out of anything - just delayed the inevitable and prolonged the mis-mangement of the monetary policy by the Fed (with cooperation coming from other central banks).
The public debt almost doubled from 11T to 20T during his presidency). He also created moral hazard by not only NOT prosecuting people who he himself called "fat cats of Wall Street", but actually continuing to bail them out (started by W. Bush)
The financial rescue and QE happened in 2008 while Bush Jr. was in office.
You might remember that Bush agreed to making a brand-new "Office of the President-Elect" just so that there could be a single plan of action.
Re:Say Hello to Full Employment
by skookumchuck on Friday July 06, 2018 @04:16PM
(#17474764)
If the market goes up under Trump, Obama gets the credit. If the market goes down under Trump, Trump gets the blame.
More like, if the market continues the upward trajectory it had under Obama, he gets the credit for establishing that trend. If Trump does something stupid to upset that trend (ill advised tax cuts or tariffs, for instance) he gets the blame. He'd get the credit if he meaningfully accelerated the growth we saw under Obama, but outside of a short bump after the tax cuts that saw a predictable correction shortly thereafter, he hasnt.
It's worth noting I do blame Obama era policies for wage and working condition stagnation/deterioration, which is the thing I actually care about (gdp and unemployment numbers are basically pointless if people who have jobs are living in third world conditions). That said, I have zero hope that the current administrations policies will reverse that trend in any way.
Re:Say Hello to Full Employment
by skookumchuck on Saturday July 07, 2018 @04:06PM
(#17480267)
The market went flat the year after Obama's big tax increase.
The market started rising promptly after Trump's election, presumably in anticipation of the coming tax cut.
Sadly, it's highly likely that the current administration will - of course take credit - but more importantly - reap all the rewards (i.e. votes) in the next federal election.
I still am amazed at how Obama pulled the US from the brink of utter financial collapse shortly after taking office. Hopefully the next incoming administration will be as lucky.